(Reuters) -Octopus Energy said on Thursday it would spin its technology arm Kraken Technologies off and named Tim Wan as the newly separated company’s chief financial officer, as Britain largest electricity supplier focuses on its core operations.

Kraken, which provides energy software technology to energy majors including EDF, National Grid US and Tokyo Gas, has hit $500 million in committed annual revenue through licensing deals.

The separation will give Kraken independence to invest and expand as needed, and help reassure Kraken’s clients about any potential conflicts of interest from being owned by a competitor.

“Kraken is now a globally successful business in its own right, operating independently for some time – completing our journey to full independence is a strategic and inevit

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